ADB unveils venture platform to invest in impact technology startups

UNB News

Manila

Publish- January 31, 2020, 04:17 PM

Xinhua/UNB - Xinhua/UNB

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Update- January 31, 2020, 04:23 PM

The Asian Development Bank (ADB) said on Friday it has approved the establishment of ADB Ventures, a new venture platform that will support and invest in startups offering impact technology solutions that contribute to the achievement of the Sustainable Development Goals (SDGs) in Asia and the Pacific.

The Manila-based bank said ADB Ventures Investment Fund 1, the facility's anchor trust fund, has a target size of 50 million U.S. dollars and is accepting contributions from multiple funding sources including bilateral and multilateral development partners.

It will mainly invest in early-stage startups and focus on companies with solutions that can address climate change and empower women, the bank added.

The bank said the fund has a 17-year fund life, allowing ADB to invest patient capital into clean-tech, fin-tech, agricultural technology, and health technology solutions.

The ADB said the Nordic Development Fund, Climate Investment Funds and the Australian government funded project preparation for the ADB Ventures facility.

According to the bank, ADB Ventures Investment Fund 1 is expected to begin operations in the second quarter of 2020. One of its main aims will be to mobilize private capital through co-investing with private sector investors.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members - 49 from the region.